The value of independent valuations

The process of buying or selling a property can be both exciting and daunting, sometimes in equal measure.

There's the worry about finding the necessary finances and keeping to a budget in what's very likely to be the most expensive thing you'll ever undertake. There's coordinating all the disparate people involved, which can feel like herding cats.

But there's also the fun of imagining what you'll do with each room, how you'll decorate, where the furniture will fit, what you'll do with the garden, and so on. And you'll be working out how you'll get to work, how the kids will get to school, and where the nearest pub is for a relaxing Sunday.

Ultimately, any house move comes down to whether you can actually afford it, along with all the sundry costs that come with it: specialist reports, legal fees, stamp duty and more.

If you're selling a home, you'll likely already be aware that asking prices have been slipping. Rightmove reported that asking prices for newly listed properties dropped by 1.0% in July, the largest July fall in a decade, with a third of homes currently on the market having had their asking price reduced by an average of 7%.

For buyers, falling prices are good news for the budget you've set aside for the process. For sellers, it's more of a headache, since you can't buy your next property until you've sold your current one, and that depends on buyers wanting what you're offering at the price you're asking.

So it's become increasingly important to get the asking price right from the outset, appropriate to the area, condition and construction of the property, to attract a buyer as soon as it goes on the market.

For the buyer, even though it isn't a legal requirement, it's firmly recommended that you take out a Level 2 or Level 3 survey so you're aware of any issues with the property's condition. But crucially from a finance point of view, a property valuation, carried out as standard by an experienced chartered surveyor, gives you an accurate statement of what the property is actually worth, based on their knowledge of the property type, its construction and the local market.

If that valuation is significantly out of step with the asking price, it gives you the detail you need to renegotiate, even after an offer has already been accepted.

But what if you're the one selling? Estate agents are experienced across all types of property and use their knowledge of the local market to suggest a suitable asking price. But there's a background concern that they might overestimate it to secure a better fee if the property sells at that amount. And knocking the asking price down, even once, gives a poor impression to prospective buyers.

This is where an independent valuation from Surveyor Local comes in. It's carried out by a RICS-accredited chartered surveyor with no connection to the lender or the seller, so there's no external influence on the figure provided.

It's based on the surveyor's breadth and depth of knowledge of that type of property and the local market, so you can be confident the figure reflects both the property and current conditions, giving you a solid, defensible starting point for setting your asking price.

Surveyor Local will connect you to the best professional advice through our nationwide panel of chartered surveyors, all of whom are RICS members. They'll work hard to identify all kinds of problems, including the impact of prior flooding on the structure of a property.

Call  to get your no-obligation survey quote started, or to discuss any concerns about the property you're planning to buy. Or get a quick quote using Surveyor Local's easy to use quote generator.